Except of pest control, insecticides have shown adverse effects on natural enemies as well. Thus, risk assessment of pesticides for biological control agents is critical for effective use in integrated pest management (IPM) schemes. In the present study, the lethal and sublethal effects of chlorpyrifos, a commonly used insecticide that may negatively affect biological control agents, were evaluated on a non-target predator, the Asian ladybeetle Harmonia axyridis. Previous studies have reported on lethal concentrations, but the effects of sublethal concentrations remain unclear. Lethal and sublethal concentrations of chlorpyrifos were applied to third instar larvae of H. axyridis, and different growth and developmental parameters were measured. Treatment with LC10 (4.62 mg a.i. L−1) significantly shortened the developmental period of third instar larvae, whereas it significantly prolonged those of fourth instar larvae and pupa. Treatment with LC30 (9.59 mg a.i. L−1) significantly increased the larval and pupal developmental period compared with that of the control, whereas feeding potential, female fecundity, and adult longevity significantly decreased after LC10 and LC30 treatment. The pre-oviposition period significantly increased compared with that of the control. Population growth parameters, the finite (λ) and intrinsic rate of increase (r) and the net reproductive rate (R0), decreased following exposure to sublethal concentrations of chlorpyrifos. According to the results, the use of chlorpyrifos in IPM schemes requires further research because even sublethal concentrations of this insecticide were harmful to H. axyridis population growth.